9-Jan-2020: The global mobile cranes market
size is expected to reach USD 17.03 billion by 2025, according to a new report
by Grand View Research, Inc. The market is expected to register a CAGR of 6.1%
over the forecast period. Rising construction activities focused on the
refurbishment of existing infrastructures and increasing government initiatives
for building better infrastructures, such as houses, schools, hospitals,
stadiums, government buildings, and airports, are anticipated to boost the
market growth. The increasing application of mobile cranes in both core and
non-core industrial projects and maintenance works is also expected to propel
their demand over the forecast period.
In India, the
demand for mobile cranes is growing owing to the increasing number of infrastructure
projects, which has led to requirements for erection and lifting. The growth is
evident in the industrial as well as the core infrastructure sectors. Mobile
crane manufacturers and rental agencies are witnessing an upsurge in demand for
medium and high capacity cranes. Mobile cranes are widely used in India for
major industrial applications such as power plants and turbine manufacturing.
Meanwhile, the
demand for mobile cranes in China is growing due to the One Belt One Road
initiative taken by the government in the country. Through this initiative, the
Chinese government aims to develop better trade facilities such as roads,
bridges, and infrastructure such as energy projects, railway, and buildings
between China, India, Pakistan, and Europe. Moreover, house building projects
have increased in Europe, mainly in London and South East Europe, thus
providing a good pipeline for infrastructure work.
Meanwhile, the U.S.
government is anticipated to increase its infrastructure expenses by over USD 1
trillion over the next ten years in order to create more jobs. This initiative
is expected to bolster the demand for mobile cranes in the country. Additional
factors that have propelled the market growth include increasing competition,
growing use of mobile cranes in the mining companies, robust industrialization,
commercialization, adoption of telematics, and the use of GPS technology in
mobile cranes.
In
depth research report on Mobile Cranes Market
Further key findings from the study suggest:
· The market for
mobile cranes is expected to register a CAGR of 6.1% from 2019 to 2025
· The truck mounted
segment emerged as a prominent product segment in 2018. The demand for crawler
cranes is increasing in the Middle East & Africa owing to the growing oil
& gas industry in the region
· The Asia Pacific
regional mobile crane market is projected to witness substantial growth over
the next decade owing to growing construction activities in the region
· Key players
operating in the market include Liebherr-International AG, Manitowoc, XCMG
Group, Kobelco Construction Machinery Co. Ltd., and Tadano Ltd., accounting for
majority shares of the total revenue in 2018.
Grand View Research
has segmented the mobile crane market on the basis of product type, application
type, and region:
Mobile Crane Product Type Outlook (Revenue, USD Billion, 2015
- 2025)
·
Truck Mounted
·
Trailer Mounted
·
Crawler Crane
Mobile Crane Application Type Outlook (Revenue, USD Billion,
2015 - 2025)
·
Construction
·
Industrial
·
Utility
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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